Swiggy Q2 FY27 Results: Why Instamart Lost Rs 764 Crore

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The report

• YourStory: Swiggy's net loss drops nearly 16% to Rs 922 Cr in Q2, revenue rises 36% (Oct 22, 2026)

The quotes

• Sriharsha Majety's results statement and shareholder letter, as quoted by YourStory (Oct 22, 2026)

Swiggy lost Rs 922 crore in one quarter.

A year earlier, the same quarter cost it Rs 1,092 crore. So the headline writes itself: net loss down 15.6%, revenue up 36% to Rs 7,571 crore. A company getting bigger and bleeding less.

Then you read one line further down. Instamart, Swiggy's quick commerce business, lost Rs 764 crore on its own. A year ago that number was Rs 739 crore. The loss went up, not down.

Do the division and it gets sharper. Instamart is about 17% of Swiggy's revenue and about 83% of its loss.

That is the real story of Swiggy's Q2 FY27. One business is carrying almost all of the losses, and the company is choosing to keep it that way.

Key takeaways

• Swiggy's net loss fell 15.6% to Rs 922 crore in Q2 FY27, from Rs 1,092 crore a year ago.
• Revenue rose 36% to Rs 7,571 crore, up from Rs 5,561 crore.
• Instamart lost Rs 764 crore, up from Rs 739 crore, while its revenue grew from Rs 980 crore to Rs 1,306 crore.
• Instamart added 69 dark stores in one quarter, as many as the previous three quarters combined, reaching 1,240 stores.
• Food delivery GOV grew 17.7% to Rs 10,054 crore, and the CEO called it the business's highest ever profits and margins.
• The long-term aspiration is Rs 10,000 crore of adjusted EBITDA by FY31.

Did Instamart's losses actually get worse?

In rupees, yes. By Rs 25 crore.

But look at what happened to revenue in the same twelve months. Instamart's revenue went from Rs 980 crore to Rs 1,306 crore. That is Rs 326 crore of new revenue, for Rs 25 crore of extra loss.

Here is the same thing as a ratio. I worked these out from the reported figures:

Instamart	Q2 FY26	Q2 FY27
Revenue	Rs 980 crore	Rs 1,306 crore
Loss	Rs 739 crore	Rs 764 crore
Loss per Rs 100 of revenue	about Rs 75	about Rs 58

So Instamart still loses a lot of money on every rupee it brings in. It just loses less of it per rupee than it did a year ago.

Now do the subtraction on the whole company. Take Instamart out and the rest of Swiggy lost roughly Rs 353 crore a year ago (Rs 1,092 crore minus Rs 739 crore). This quarter that gap is roughly Rs 158 crore (Rs 922 crore minus Rs 764 crore).

That is a rough read, not an official segment line. Company totals and segment numbers are not always measured the same way. But the direction is clear: almost all of the 15.6% improvement came from outside Instamart.

So the twist is not that Instamart is failing. It is that the group loss is shrinking while the most expensive business keeps spending at nearly the same level. That only works if something else is paying for it.

What happened at Swiggy between Q2 FY26 and Q2 FY27?

Every row here comes from the YourStory report in the source list.

When	What happened	Source
Q2 FY26	Net loss Rs 1,092 crore on revenue of Rs 5,561 crore	YourStory
Q2 FY26	Instamart revenue Rs 980 crore, Instamart loss Rs 739 crore	YourStory
The three quarters before Q2 FY27	Instamart added 69 dark stores in total across all three	YourStory
Aug 6, 2026	First ever Capital Markets Day: aspiration of Rs 10,000 crore adjusted EBITDA by FY31	Shareholder letter, via YourStory
Q2 FY27	Instamart adds 69 dark stores in a single quarter, reaching 1,240 stores and 5.2 million sq ft	YourStory
Q2 FY27	Quick commerce gets the approvals to qualify as an Indian owned and controlled company	CEO statement, via YourStory
Q2 FY27	Net loss Rs 922 crore, revenue Rs 7,571 crore, Instamart loss Rs 764 crore	YourStory
Oct 22, 2026	Results reported, alongside rival Eternal's Q2 FY27 numbers	YourStory
FY31	Target: Rs 10,000 crore adjusted EBITDA at GOV of over Rs 2.5 lakh crore, about 4% margins	Shareholder letter, via YourStory

Look at the store row. Over three quarters, Instamart added 69 stores, roughly 23 a quarter on average. Then it added 69 in one quarter. That is about three times the earlier pace.

A loss that grows by only Rs 25 crore while the store opening pace triples is the number I would watch next quarter.

What did Swiggy actually do this quarter?

Four things stand out in the report.

1. It let food delivery pay the bills

Food delivery is the profitable core. Its gross order value (GOV) grew 17.7% year on year to Rs 10,054 crore.

CEO Sriharsha Majety put it plainly: "Our food delivery business delivered its highest ever profits and margins."

The report also puts adjusted EBITDA for the quarter at Rs 341 crore, an improvement of Rs 101 crore over the year. That is the cushion that lets the group loss shrink while Instamart keeps spending.

Swiggy is also building inside food delivery. Majety named Toing, a standalone offering for affordable meals, as a source of new category growth.

2. It pushed Instamart harder, on purpose

Instamart's net order value grew 31.4% year on year to Rs 6,954 crore. Majety said quick commerce "delivered accelerated growth as guided."

That phrase "as guided" matters. Swiggy told the market it would speed up, and then it did. The 69 new dark stores are the physical proof. The network now covers 5.2 million sq ft across 1,240 stores, which works out to roughly 4,200 sq ft per store on average.

3. It said what kind of store it wants to run

More stores could easily mean more of everything on the shelf. Majety said the opposite:

"We see assortment as a curation game rather than a volume game, and our aim is to enable consumers to buy better, not just offer more."

That is a choice about what Instamart sells, not just how many places it sells from.

4. It sorted out the ownership question

In the same statement, Majety said quick commerce "obtained necessary approvals to qualify as an Indian owned and controlled company." He called it "an important milestone for the business with the transition underway."

The report does not say what the transition involves or when it ends, so I will not guess. What you can note is that the CEO put it in the same sentence as the growth numbers, which tells you how much weight he gives it.

How does Swiggy compare with Eternal in Q2 FY27?

The same report sets Swiggy beside its rival Eternal, which runs Zomato and Blinkit.

Q2 FY27	Swiggy	Eternal
Revenue	Rs 7,571 crore	Rs 24,138 crore
Revenue growth	36%	78%
Bottom line	Net loss of Rs 922 crore	Net profit of Rs 125 crore
Bottom line change	Loss down 15.6%	Profit up 92%

Eternal's revenue is a little over three times Swiggy's, it grew more than twice as fast, and it made money. The report does not break out Eternal's segments, so you cannot line up Blinkit against Instamart from this source alone.

What you can say is that Swiggy is chasing a rival that is already profitable at the group level. That makes the Instamart spending look less like a choice and more like the price of staying in the race.

What can you copy from Swiggy's Q2?

I run Art of Code, a small product, nowhere near Swiggy's scale. But the shape of this quarter is something every founder and developer building a business can learn from.

• Read the segment line, not the headline. "Loss down 15.6%" hides a business whose loss went up. In your own numbers, split revenue and cost by product before you celebrate a total.
• Measure loss against revenue, not just in rupees. Instamart's loss grew in rupees but fell from about Rs 75 to about Rs 58 per Rs 100 of revenue. A rising loss with a falling ratio is a very different story from a rising loss alone.
• Fund the bet from a profitable core. Food delivery's record profits are why Swiggy can triple its store pace without the group loss getting worse. If you are trying something expensive, know which part of your business is paying for it.
• Say the plan, then hit it. "Accelerated growth as guided" is a sentence you can only write if you guided first. Public targets force you to be honest when you miss.
• Put a number and a year on the long goal. Rs 10,000 crore by FY31 is specific enough to be checked. "We will be profitable eventually" is not.
• Curate instead of piling on. "Buy better, not just offer more" works for a product roadmap too. Fewer features that work beat more features that do not.

FAQ

How much did Swiggy lose in Q2 FY27?

Swiggy reported a net loss of Rs 922 crore in Q2 FY27, down 15.6% from Rs 1,092 crore in the same quarter a year earlier. Revenue for the quarter was Rs 7,571 crore, up 36% from Rs 5,561 crore.

How much did Instamart lose in Q2 FY27?

Instamart, Swiggy's quick commerce business, lost Rs 764 crore in the quarter, compared with Rs 739 crore a year ago. Its revenue rose from Rs 980 crore to Rs 1,306 crore over the same period, and its net order value grew 31.4% to Rs 6,954 crore.

How many dark stores does Instamart have?

Instamart had 1,240 dark stores covering 5.2 million sq ft at the end of Q2 FY27. It added 69 stores in the quarter, equal to the total it added across the previous three quarters combined.

What is Swiggy's long-term target?

At its first Capital Markets Day on Aug 6, 2026, Swiggy shared an aspiration to build towards Rs 10,000 crore of adjusted EBITDA by FY31. That target is set at gross order value of over Rs 2.5 lakh crore with margins of about 4%.

Next time a company posts results, open the segment numbers before the headline, and if you want help with the rest of your workflow, try the free tools on Art of Code. For another growth story built on verified numbers, read how Postiz went from $17K to $191K MRR.

Written by Adithya Guttha, Founder of Art of Code.